Monrovia, Jan. 16 -- The Central Bank of Liberia (CBL) has informed the House of Representatives about the critical need for the enactment of an Insurance Commission Act so as to fully regulate the sector.

In a communication to the House read during the second day sitting of the third session, first quarter of the 55th Legislature, CBL points out that enactment of the Act would transition the regulatory and supervisory responsibility of the insurance sector to an independent Insurance Commission in pursuant to PART II Subsection 6(0) of the Act Establishing the Central Bank of Liberia 1999 (The Act).

CBL reminded lawmakers that prior to the amendment of the Act, the Bank was given the mandate of five years to reform the sector and pave ...